Real bargains with online auction

Property24 has announced the launch of its online property auction facility, where bidders can buy bargain properties out of hand during the first fortnight, or bid online and take part in a grand finale live interactive TV auction.

With the slowdown in the residential property market, many homeowners are finding it necessary to sell urgently.

"For potential buyers with cash to spend, it's a good time to pick up bargain properties," says Richard Gahagan, MD of Property24. "But there are so many different places that these properties are advertised, it's difficult to find out what's available in your area of choice."

All that's about to change, with Property24's innovative new online auction method of buying property.

"Properties in the throes of a distressed sale are now listed on Property24 under 'Urgent Sales'," says Gahagan.

"During the first two weeks of the listing, users can submit offers online and all offers will be considered and presented to the bank with which the property is bonded. If an offer is acceptable the sale will be concluded. A written valuation from a reputable property valuer is available to view online so the user can be sure that he is buying a property that has been professionally valued."

After the first two weeks, the property will be available for bidding online, and all bids will be recorded. At the time of registering for online bidding, the auction house will unlock the interactive DSTV global access function. The bidder will be able to view the top four bids at any time, and see whether his bid is in the running. At the end of the second two-week period, a live interactive TV auction will be held and bidders can place their bids using their DSTV remotes.

"This is an excellent option for buy-to-let investors," says Gahagan, "as the majority of the properties already have tenants in place."

To search properties available for online auction, please visit Urgent Sales under the For Sale option on Property24.

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